This invention relates generally to a system and method for assigning an alias, such as a phone number and a Personal Identification Number (xe2x80x9cPINxe2x80x9d), to a credit card so as to eliminate the need for the physical presence of the card during a transaction.
There are literally thousands of different credit cards available. Some provide frequent flier miles, others give you free gas. Still other credit cards offer low interest rates and even insurance for your purchases. Out of all the credit cards that exist, none of them offer the ability to go to a store and make purchases without the actual card. While it is possible to place an order over the phone to a catalog company, it is still generally required to have the card in your hand to read the card number to the sales person and provide some additional information such as the expiration date. Perhaps a trivial number of people have memorized their credit card number and expiration date, but most people have yet to commit these seldom used 20-digits to memory.
Additionally, those with an active lifestyle will find it burdensome to carry many credit cards with them during their everyday lives. The risk of losing one""s wallet or purse, or having it stolen is an ongoing problem. The replacement process for most credit cards is long and burdensome. If a credit card is stolen and unauthorized charges are discovered on the account, the process to rectify the situation is both time consuming and exhausting, often involving sworn affidavits by the cardmember.
These and other drawbacks of current credit cards exist.
An object of the present invention is to overcome the drawbacks of existing credit cards.
Another object of the present invention is to provide a system for assigning an alias for a cardholder""s credit card number using an easy to remember number.
A further object of the present invention is a system and method for enabling a cardholder to use his or her credit card without actually having the card present at the time of purchase. This is accomplished by cross-linking the cardholder""s phone number to the credit card number and providing the customer with a corresponding PIN that can be changed immediately upon receipt so that it is a number that the cardmember can easily remember. The PIN can also be selected by the cardmember from his or her home phone. As one method of authentication, the bank can verify the identity of the caller by their phone number using an Automatic Number Identification (xe2x80x9cANIxe2x80x9d) system which ensures a secure registration of the PIN. The customer can then self-select the PIN he or she wishes to use.
These and other objects and advantages of the invention will be apparent from the detailed description of the preferred embodiments which follows.